|Bid||13.29 x 1000|
|Ask||14.00 x 2900|
|Day's Range||13.24 - 13.73|
|52 Week Range||8.93 - 15.72|
|Beta (5Y Monthly)||0.68|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug. 04, 2021 - Aug. 09, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||15.58|
(Bloomberg) -- Activist investor Jana Partners plans to push for changes at Vonage Holdings Corp. after building a new position in the telecommunications services company, according to people familiar with the matter.The New York-based hedge fund run by Barry Rosenstein said in a regulatory filing Monday that it has built a 2.3% stake in Vonage. Jana believes the company is undervalued, the people said, asking not to be identified because the matter is private. The new position was reported earlier by Bloomberg News.While the type of changes Jana is seeking couldn’t be determined, the activist investor has a history of pushing for breakups or sales of companies, including most recently with its investments in Laboratory Corp. of America Holdings and Encompass Health Corp. Both LabCorp and Encompass are conducting strategic reviews.Vonage’s shares rose as much as 7.1% Monday. They closed up 2.8% to $13.45 in New York trading, giving the company a market value of $3.38 billion and making Jana’s stake worth about $78 million.A representative for Jana declined to comment. A representative for Vonage wasn’t immediately available for comment.Jana also disclosed a new, smaller position in CyrusOne Inc. that is valued at about $37 million, Monday’s filing shows.Earlier DealIn 2019, Vonage was targeted by another activist investor. Its agreement then with Legion Partners Asset Management resulted in a new director being appointed to its board.Vonage, based in Holmdel, New Jersey, provides unified communications, contact centers and programmable communications APIs for its clients, according to its website. APIs, or application programming interface software, are what allow apps to work with each other.Vonage announced in February it was terminating the sales process for its consumer business after a nine-month strategic review. The company said its decision to call off the sale was driven by valuation, the $600 million of cash generation it expected over the next five years from the division, and what it felt was in the best interest of the company and its shareholders.Vonage’s API business is likely worth more than the entire company, according to an estimate by Ryan MacWilliams, an analyst with Stephens Inc. He said the API business alone could have an enterprise value of as much as $4.8 billion in his sum-of-the-parts analysis. Its contact center business could be worth up to $437 million, while its remaining unified communications business could be worth $1.1 billion in such a scenario, he said.(Updates with filing in second paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
HOLMDEL, N.J., May 14, 2021 (GLOBE NEWSWIRE) -- Vonage Holdings Corp. (NYSE: VG), a global leader in cloud communications helping businesses accelerate their digital transformation, today announced that management is scheduled to present at the following investor conferences: Needham Technology & Media ConferenceMonday, May 17 at 3:45 PM ET Morgan Stanley: Life After Covid ConferenceThursday, May 20 at 10:30 AM ET J.P. Morgan Global Technology, Media and Communications Conference Monday, May 24, One-on-one format William Blair 39th Annual Growth Stock Conference Tuesday, June 1 at 1:00 PM ET Robert W. Baird & Co. 2018 Global Consumer, Technology & Services ConferenceWednesday, June 9 at 8:30 AM ET Northland Customer Experience ConferenceWednesday, June 16 at 10:30 AM ET A live webcast and replay of each event will be available on the Vonage Investor Relations site. About Vonage Vonage (Nasdaq:VG), a global cloud communications leader, helps businesses accelerate their digital transformation. Vonage's Communications Platform is fully programmable and allows for the integration of Video, Voice, Chat, Messaging and Verification into existing products, workflows and systems. Vonage's fully programmable unified communications and contact center applications are built from the Vonage platform and enable companies to transform how they communicate and operate from the office or anywhere, providing enormous flexibility and ensuring business continuity. Vonage Holdings Corp. is headquartered in New Jersey, with offices throughout the United States, Europe, Israel and Asia. To follow Vonage on Twitter, please visit twitter.com/vonage. To become a fan on Facebook, go to facebook.com/vonage. To subscribe on YouTube, visit youtube.com/vonage. CONTACT: Investor Contact: Hunter Blankenbaker, 732.444.4926, email@example.com Media Contact: Jo Ann Tizzano, 732.365.1363, firstname.lastname@example.org
Speaking on the call this morning is Rory Read, Chief Executive Officer; and Steve Lasher, Chief Financial Officer. Also joining us is Jay Bellissimo, our Chief Operating Officer. Rory will discuss our strategy and first quarter results, and Steve will provide a more detailed view on our first quarter results, second quarter guidance and updated full year 2021 guidance.